Fiverr raises at least $120m in secondary offering

Micah Kaufmann Photo: Omer Hacohen

The Israeli freelance services platform has seen its share price rise over 200% since its NYSE IPO less than a year ago.

Israeli freelance services platform Fiverr International (NYSE: FVRR) has raised at least $120 million in its secondary offering on the NYSE. The company priced its shares at $60 per share and is issuing two million new shares. The net raise after underwriters' fees will be $133 million.

The underwriters have a 30-day option to buy an additional 300,000 shares, and if they take this up then the offering will raise an additional $18 million, bringing the total funds raised to over $130 million. The underwriters are JP Morgan, Bank of America, Citi, JMP, UBS, Needham, and Oppenheimer.

Fiverr was founded by CEO Micah Kaufman and Shai Wininger. The company has developed a platform, which connects freelancers in a range of professions with potential customers. Fiverr held its IPO last June, raising $650 million at $21 per share. The coronavirus crisis, which has expanded remote working, has boosted the company's revenue and on Friday, Fiverr's share price rose 7.21% to $65, giving a market cap of $2.098 billion - a 200% rise in less than a year.

Fiverr ended the first quarter with revenue of $34.2 million, up 44% from the corresponding quarter of last year. GAAP net loss was $6.2 million and non-GAAP net loss was $2.6 million.

Published by Globes, Israel business news - en.globes.co.il - on May 31, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Micah Kaufmann Photo: Omer Hacohen
Micah Kaufmann Photo: Omer Hacohen
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